Illinois General Assembly - Bill Status for SB1347
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 Bill Status of SB1347  95th General Assembly

Short Description:  FAIR LEN-HIG RISK HOME ACT-DEF

Senate Sponsors
Sen. William R. Haine - Jacqueline Y. Collins and Pamela J. Althoff

House Sponsors
(Rep. Jim Watson)

Last Action
DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
815 ILCS 120/2from Ch. 17, par. 852
815 ILCS 137/10


Synopsis As Introduced
Amends the Illinois Fairness in Lending Act. Provides that "equity stripping" and "loan flipping" shall only include loans that qualify as high risk home loans. Amends the High Risk Home Loan Act. Provides that "points and fees" does not include: (i) fees paid to the Veterans Administration required by law; (ii) fees paid to the Federal Housing Administration required by law; (iii) fees paid for private mortgage insurance; or (iv) all fees paid to a mortgage broker by a lender if the loan is less than $50,000, or 50% of fees paid to a mortgage broker by a lender if the loan is between $50,000 and $100,000.

Senate Committee Amendment No. 1
Deletes reference to:
815 ILCS 120/2

Removes the changes to the definitions of "equity stripping" and "loan stripping" in the Illinois Fairness in Lending Act. In the High Risk Home Loan Act, adds fees paid to the United States Department of Agriculture's Rural Development Loan Program required by law to the exclusions to the definition of "points and fees".

Senate Floor Amendment No. 2
Deletes everything after the enacting clause. Amends the High Risk Home Loan Act. Provides that the term "points and fees" does not include fees paid to the Veterans Administration required by law, fees paid to the Federal Housing Administration required by law, or fees paid to the United States Department of Agriculture's Rural Development Loan Program required by law.

Actions 
DateChamber Action
  2/9/2007SenateFiled with Secretary by Sen. William R. Haine
  2/9/2007SenateFirst Reading
  2/9/2007SenateReferred to Rules
  2/21/2007SenateAssigned to Financial Institutions
  3/6/2007SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  3/6/2007SenateSenate Committee Amendment No. 1 Referred to Rules
  3/7/2007SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions
  3/8/2007SenateSenate Committee Amendment No. 1 Postponed - Financial Institutions
  3/8/2007SenatePostponed - Financial Institutions
  3/15/2007SenateSenate Committee Amendment No. 1 Adopted
  3/15/2007SenateDo Pass as Amended Financial Institutions; 007-000-002
  3/15/2007SenatePlaced on Calendar Order of 2nd Reading March 20, 2007
  3/23/2007SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine
  3/23/2007SenateSenate Floor Amendment No. 2 Referred to Rules
  3/27/2007SenateSecond Reading
  3/27/2007SenatePlaced on Calendar Order of 3rd Reading March 28, 2007
  3/27/2007SenateSenate Floor Amendment No. 2 Rules Refers to Financial Institutions
  3/28/2007SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
  3/28/2007SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 008-000-000
  3/30/2007SenateRule 2-10 Third Reading Deadline Established As May 31, 2007
  4/10/2007SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  4/19/2007SenateRecalled to Second Reading
  4/19/2007SenateSenate Floor Amendment No. 2 Adopted; Haine
  4/19/2007SenatePlaced on Calendar Order of 3rd Reading
  4/19/2007SenateThird Reading - Passed; 054-000-000
  4/20/2007HouseArrived in House
  4/20/2007HousePlaced on Calendar Order of First Reading
  4/20/2007HouseChief House Sponsor Rep. Jim Watson
  4/20/2007HouseFirst Reading
  4/20/2007HouseReferred to Rules Committee
  4/30/2007HouseAssigned to Executive Committee
  5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007
  5/25/2007HouseFinal Action Deadline Extended-9(b) May 31, 2007
  5/31/2007HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009SenateSession Sine Die

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